The National Company Law Tribunal has sanctioned the scheme of arrangement for Jaiprakash Associates and Ultratech Cements, whereby the JP Associates has proposed to transfer identified cement plants and its subsidiary Jaypee Cement Corporation to Ultratech on slump exchange basis. Shares of JP associates has retraced from its morning highs of Rs 16.18 per share to Rs 15.55 per share, at present. The stock is up by about 2% currently and gained by about 6% in the morning session.
Shares of Infrastructure Development Finance Company (IDFC) are buzzing on exchanges in today’s trading session. The stock rose over 3% on intraday basis. The company has also announced that it will acquire the 25% stake presently held by Natixis Global Asset Management in IDFC AMC and IDFC AMC Trustee.
Reliance (RIL) Stocks touched a fresh nine-year high of Rs 1,307, up nearly 4% on an intraday basis on the exchange today. RIL is currently trading at Rs 1302.05, up by Rs 43.6 from its previous closing of Rs 1258.45 on the BSE.
RIL is the top Sensex gainer in the afternoon trade. It is contributing nearly 50% to the BSE Sensex gains. Power Grid is up by 2.1%, NTPC is up by 1.6%, Tata Motors is up by 1.3% and Asian Paints is up by 1.2%.